Transcription of Audit procedures for receivables AUDIT PLAN: …
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Audit procedures for receivables AUDIT PLAN: …
AUDIT procedures for receivables AUDIT plan : receivables Completeness Agree the balance from the individual sales ledger accounts to the aged receivables listing and vice versa. Match the total of the aged receivables listing to the sales ledgers control account. Cast and cross-cast of the aged trail balances before selecting any samples to test. Trace a sample of shipping documentation to sales invoices and into the sales and receivables ledger. Complete the disclosure checklist to ensure that all the disclosures relevant to receivables have been made. Compare the gross profit % by product line with the previous year and industry data. Compare the level of prepayments to the previous year to ensure the figure is materially correct and complete. Review detailed statement of financial position to ensure all likely prepayments have been included. Existence Perform a receivables circularization on a sample of year-end trade receivables .
any receivables have been pledged, assigned or discounted and whether such items require disclosure in the financial statements. Classification and understandability Review the aged analysis of receivables for any large credits, non -trade receivables and long term receivables and consider whether such items require separate disclosure.
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